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STEPPES PARTNERS LIMITED
Contents
2017 www.steppespartners.com
1. Introduction 3
2. Marketplace 7
3. Financial Services 12
4. Asset Management 16
5. Current Assets 20
6. Summary 27
Exhibit I 29
“Steppes Partners is ideally
positioned to take advantage of
changing market dynamics in the
financial services marketplace”
1.
Introduct ion
2017 www.steppespartners.com 3
Overview
2017 www.steppespartners.com 4
▪ Steppes Partners Limited (Steppes Partners) is an Australian holding company that completed the acquisition of
53.4% of alternative asset management group, Steppes Alternative Asset Management Limited on December 10th
2015.
▪ Steppes Partners will be listing publicly in the second half of 2017 in order to expand its business. Once the public
listing is completed, the company will look to make accretive acquisitions.
▪ Steppes Partners had a net asset value (NAV) per share of $1.85 as at the 31st December 2016 which is forecast
to grow to $2.34 per share by the 31st December 2017 (before planned accretive acquisitions).
▪ Steppes Partners is focused on growing a diversified financial services group with a specific focus on alternative
asset management, wealth management and corporate advisory.
▪ Changing bank regulations and positive macro economic picture will create multiple opportunities in the financial
services sector.
Steppes Focus
2017 www.steppespartners.com 5
Expand existing established business due to exceptional market opportunities
Steppes expansion strategy will create leading specialist financial services group
Integrate contracted acquisition post closing
Complete targeted acquisition
Building Value grow net asset value per share from $1.85 as at 31.12.16 to $2.34 as at 31.12.17
Focused on Financial Services Sector
Expand existing established business due to exceptional market opportunities
Steppes expansion strategy will create leading specialist financial services group
Public Listing in Second Half of 2017 in order to provide currency for acquisitions
Complete targeted acquisition
Building Value - grow net asset value per share from $1.85 as at 31.12.16 to $2.34 as at 31.12.17
Focused on Financial Services Sector
Financial Snapshot
2017 www.steppespartners.com
Current Key Statistics *
Ordinary shares 230,000,000
Net Assets per share as at 31st December 2016 $1.85
Attributable Earnings as at the 31st December 2016 $0.68
Projected Net Assets per share as at 31st December 2017 $2.34
Projected Net Assets per share as at 31st December 2018 $3.07
Historical and Projected Performance
Fiscal Year ending 31st December 2015 Actual* 2016 Actual 2017 Projected 2018 Projected 2019 Projected
Attributable Income $104m $156m $151m $196m $274m
Net Assets $266m $426m $557m $753m $1,028
Shares Outstanding 230,000,000 230,000,000 237,900,000 245,700,000 253,400,000
Earnings Per Share $0.45 $0.68 $0.66 $0.80 $1.08
Net Assets Per Share $1.16. $1.85 $2.34 $3.07 $4.06
*pro-forma for the 12 month period
6
“Macro Economic Conditions
are Favourable for
Financial Services Businesses”
2. Marketplace
2017 www.steppespartners.com 7
Macro-Economic Condit ions
Favorable
2017 www.steppespartners.com
▪ Key long term themes all point to increased demand for financial services businesses.
▪ The financial services sectors that Steppes Partners are focused upon are currently underserved and will benefit from GDP growth, population growth and
urban growth.
▪ The GDP of the top 20 economies is forecast to grow by over 240% between 2015-2050.
0
50
100
150
200
250
Top 20 by GDP 2015 Top 20 by GDP 2030 Top 20 by GDP 2050
8
2017 www.steppespartners.com 9
Population of the World and Regions 2017-2100
2017 2030 2050 2100
World 7550 8551 9772 11184
Africa 1256 1704 2528 4468
Asia 4504 4947 5257 4780
Europe 742 739 716 653
Latin America 646 718 780 712
North America 361 395 435 499
Populat ion Growth wi l l Fuel
Economic Growth▪ The Global Population is forecast to grow by just under 50% between now and 2100.
▪ By 2100 the Global Population will be over 11 billion people (with 40% of population in Asia).
Urban Growth 1.45 Mil l ion People Per
Week
2017 www.steppespartners.com
▪ Between 1990 and 2015 approximately 1.1m people per week urbanised, between 2015 and 2050 approximately 1.45m people per week are projected to
urbanise.
▪ Between 1990 and 2015 of the 1,427m people who urbanised 471m were in China, 630m were in the rest of Asia and 272m were in Africa.
▪ Between 2015 and 2050 of the 2,638m people who are projected to urbanise 291m are in China, 596m in the rest of Asia and 759m in Africa.
1,012m
2,113m
3,000m
0
0.5
1
1.5
2
2.5
3
3.5
1990 2015 2050
199m
471m
1,230m
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1990 2015 2050
1,062m1,116m
2,108m
0
0.5
1
1.5
2
2.5
1990 2015 2050
Asian Urban Growth African Urban Growth ROW Urban Growth
10
Economic Growth wi l l fuel demand for
Natural Resources and Infrastructure
2017 www.steppespartners.com
Natural Resources and Infrastructure worth $6.1 trillion per annum
INFRASTRUCTURE
Infrastructure & Services
$2.5 to $3 trillion per annum
NATURAL RESOURCES
Mined Products
$1.3 trillion per annum + Energy Commodities $2.3
trillion per annum
Equity Funds Debt Funds
CU
RR
EN
T
SE
CT
OR
SC
UR
RE
NT
PR
OD
UC
TS
Need for more ProductsCurrently under $500 billion* of Private Equity Capital invested
in Infrastructure and Natural Resources
* Towers Watsons Global Alternatives Survey
11
“Currently Outstanding
Opportunities in the Financial Services
Marketplace”
3. Financial
Services
2017 www.steppespartners.com 12
Global Capital Markets Continue to
Grow
2017 www.steppespartners.com 13
• The total value of major global equity markets as at the end of March 2017 was just under $76 trillion, with the US
NYSE and NASDAQ markets having a combined value of $28.45 trillion or 37.5% of the major global equity markets.
• There are currently 209 recognised stock exchanges globally in 127 countries.
• The top ten exchanges that are in nine countries account for around two thirds of global volume.
Time ZoneUSD bn
March 2017
USD bn
March 2016% change (in USD)
Americas 32,378 28,452 13.8
Asia-Pacific 26,682 21,787 22.5
Europe-Africa-Middle East 16,852 15,815 6.6
Total WFE 75,912 66,055 14.9
Regional and total WFE domestic equity market capitalisation as at end March 2017 and end March 2016
Largest Domestic Equity
Markets by Value in March 2017
and March 2016
2017 www.steppespartners.com 14
ExchangeUSD bn
March 2017
USD bn
March 2016% change (in USD)
1 NYSE Euronext (US) 20,012 18,171 10.1%
2 NASDAQ (US) 8,436 7,049 19.7%
3 Japan Exchange Group 5,197 4,602 12.9%
4 Shanghai SE 4,419 3,930 12.4%
5 NYSE Euronext (Europe) 3,719 3,354 10.9%
6 London Stock Exchange Group 3,549 3,638 -2.4%
7 Hong Kong Exchanges & Clearing 3,505 3,024 15.9%
8 Shenzhen Stock Exchange 3,412 3,095 10.3%
9 TMX Group 2,129 1,767 20.5%
10 BSE India Ltd. 1,878 1,433 31.1%
Largest Domestic Equity Markets by Value as at end March 2017 and end March 2016
Note: LSE figure as at end February 2017 (latest available WFE figure)
Financial Service Companies by
Sector (by market value)
2017 www.steppespartners.com 15
Public financial services companies make up approximately 10% of the overall value of the global public
equity markets.
4,223.12
717.48
2,903.53
859.87
273.26
706.40
0.00
500.00
1,000.00
1,500.00
2,000.00
2,500.00
3,000.00
3,500.00
4,000.00
4,500.00
Top 50 AllSectors
Top 50 AssetManagers
Top 50 Banks Top 50Investment
Banks & Brokers
Top 50InvestmentCompanies
Top 50Specialist
Companies
US $ Billion
“Macro Economic Trends Extremely
Favourable for Asset Management
Industry”
4. Asset Management
2017 www.steppespartners.com 16
The Global Asset Management
Industry wi l l be worth over USD $100
Tri l l ion by 2020
2017 www.steppespartners.com
▪ Global Investable Funds in the wealth management industry have grown from USD $31 trillion in 2002 to USD $74
trillion in 2014 and are forecast to grow to more than USD $100 trillion by 2020. 7
▪ Changing markets and investor needs will create significant opportunities for specialist fund managers between
now and 2020 (and beyond).
▪ Institutional assets under management in developing markets are projected to grow from USD $5 trillion in 2014 to
USD $30 trillion by 2030.
▪ Steppes Partners will expand by acquisition and build a portfolio of specialised alternative investment products that
will service targeted large market opportunities.
▪ Global banks have to offload USD $1.4 trillion of non-core assets due to new regulations causing an unprecedented
opportunity for specialist companies like Steppes Partners.
17
Alternat ive Assets are forecast to
grow to US$13.6t - $15.3t by 2020
2017 www.steppespartners.com
$1.0t
$2.5t$3.6t
$6.5t$7.4t
$0.5t
$0.8t
$1.4t
$2.5t
$2.9t
$1.0t
$2.0t
$2.9t
$4.6t
$5.0t
0
2
4
6
8
10
12
14
16
18
2004 2007 2013 2020 (base case) 2020 (high case)
Private Equity Assets Real Assets Hedge Funds & Fund of Funds
$2.5t
$15.3t
$13.6t
$7.9t
$5.3t
US $ trillion
18
Market Need in North East and South East
Asia
for Alternat ive Asset Managers
2017 www.steppespartners.com
▪ North East and South East Asia’s asset management industry is forecast to grow rapidly with ongoing deregulation and
deepening capital markets. China’s overall asset management industry is forecast to grow from $4.3 trillion at the end of
2015 to $16.1 trillion by 2020.
25%
75%
NE & SE Asia ROW
0
10
20
30
40
50
60
70
80
% of Global GDP 25%
30%
70%
NE & SE Asia ROW
0
10
20
30
40
50
60
70
80
% of Global Population 30%
1%
99%
NE & SE Asia ROW
0
20
40
60
80
100
120
% of Global Alternatives 1%
19
“Steppes Partners owns 53.4% of
Steppes Alternative Asset
Management Limited”
5. Current Assets
2017 www.steppespartners.com 20
Overview of Steppes Alternat ive Asset
Management Limited
2017 www.steppespartners.com 21
• Steppes Alternative Asset Management Limited “SAAM” is a global alternative asset management business producing
upper quartile returns and is focused on natural resources and infrastructure.
• SAAM existing investment management platform is focused on equity funds, credit funds and advisory business.
• SAAM is expanding its offering and geographical footprint to take advantage of current significant market opportunities.
• SAAM current footprint of Europe, the Middle East and Australia will be expanded into South East and North East Asia.
• For the year ending 31st December 2016 Steppes produced earnings per share of USD $0.44 and had a net asset
value per share of USD $1.34 at the year end.
• SAAM current Assets Under Management (AUM) of USD $3.1 billion as at 31st December 2016.
• Public listing on the Frankfurt Stock Exchange will facilitate planned expansion.
Steppes Alternat ive Asset
Management Histor ical and projected
performance
2017 www.steppespartners.com
$0.89
$1.34
$1.78
$2.34
$3.09
0
0.5
1
1.5
2
2.5
3
3.5
31.12.15 A 31.12.16 A 31.12.17 P 31.12.18 P 31.12.19 P
Net Asset Value per Share
$0.35
$0.44$0.49
$0.62
$0.84
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
31.12.15 A 31.12.16 A 31.12.17 P 31.12.18 P 31.12.19 P
Net Income per Share
$384m
$566m
$810m
$1,0841m
$1,472m
0
200
400
600
800
1000
1200
1400
1600
31.12.15 A 31.12.16 A 31.12.17 P 31.12.18 P 31.12.19 P
Proprietary Assets
$1.88bn
$2.55bn
$4.81bn
$6.37bn
$8.42bn
0
1
2
3
4
5
6
7
8
9
31.12.15 A 31.12.16 A 31.12.17 P 31.12.18 P 31.12.19 P
Third Party Assets Under Management
Actuals
Projected
Actuals
Projected
Actuals
Projected
Actuals
Projected
22
Steppes Alternat ive Asset
Management Business Footprint
2017 www.steppespartners.com
Natural Resources
• Demand pressure from population growth and urbanisation will result in long term price increases
Infrastructure
• Currently available infrastructure finance is less than 50% of the amount needed to meet forecast demand
Innovative Solutions
• The development of new products for renewable energy and the natural resources that provide energy should reap significant rewards
Operating Divisions
Private Equity
• Steppes private equity division
manages the company’s proprietary
private equity. The Private Equity
division has historically focused on
natural resources and has an average
annual return of 21.95% sinceinception in 2010.
Public Capital
• Steppes public capital division is
where the company will develop its
public private equity positions. Unlike
private equity that has a fixed term
prior to distribution public private equity
is evergreen as the public listingprovides investor liquidity.
Advisory Services
• Steppes Advisory is the company’s asset
management division and provides asset
management services to third parties as
well as to other divisions within the group.
In addition Steppes advisory also
provides capital markets services toportfolio companies and third parties.
Current & Planned Coverage
* London
* Gibraltar
* Sydney
* DubaiHong Kong
Singapore
Zurich
* Current officesPlanned offices
Focused on large underserved sectors
* Geneva
23
Steppes Alternat ive Asset Management
– Past, Present and Future
2017 www.steppespartners.com
Past Present Future
Business Established 2009
Initial private equity fund launched in 2010.
Business focused on natural resources
sector with three operating divisions;
Private Equity, Public Capital
and Advisory.
Public listing planned for 2017.
Completed initial acquisition in 2014 with
further acquisitions in 2015 and 2016.
Acquisitions have increased overall offering
and assets under management.
The Private Equity division derives income
from increases in value in the proprietary
private equity portfolio.
The Public Capital division derives income
from increases in value in the proprietary
public capital portfolio.
Increase geographical footprint and expand
infrastructure offering.
New funds and funds of targeted
acquisition will include “carry” as well as
asset management fees.
As at the end 2016 proprietary assets
under management of USD $566m and
third party assets under management of
USD $3.100m.
Management and advisory fees for the 12
months ending 31st December 2016 of
USD $128.3m and fair value gains and
realizations of USD $98.72m.
Steppes Advisory division derives revenues
from asset management fees and advisory
fees earned by capital markets activities for
portfolio companies and third parties.
Asset management fees have not included
“carry” historically.
Public listing will enable Steppes to expand
coverage, launch new funds and to build
out a platform capable of taking advantage
of market need in Europe and the Asia
Pacific for Alternative Asset Management
products.
24
Steppes Alternat ive Asset
Management Breakdown of Assets
Under Management
2017 www.steppespartners.com
$1918.6m$627.9m
$566m
Split of Assets Under Management by Segment
Third PartyEquity
Third Party Debt
ProprietaryEquity
53%
22%
9%
16%
Geographical Split Third Party Assets Under Management
Asia
Africa & theMiddle East
North America
Europe
39%
20%
15%
26%
Geographical Split Proprietary Assets Under Management
Asia
Africa & theMiddle East
North America
Europe
25
Steppes Alternat ive asset
Management - Expansion should
increase returns
2017 www.steppespartners.com
▪ Expansion Strategy is forecast to further increase upper quartile returns.
▪ Listed below is a comparison of Steppes historic return against various market indices.
▪ Steppes historical return is above the upper quartile private equity funds average return*.
Index 31st December 2011 31st December 2012 31st December 2013 31st December 2014 31st December 2015 31st December 2016Average Return
Over 5 Years
MSCI ACWI 42.17 48.08 57.62 57.62 55.82 59.17 4.48% per annum
S&P 500 1257.6 1,426.19 1,848.36 2,058.90 2,043.94 2,238.38 10.52% per annum
ASX 100 3,316.70 3,820.70 4,445.20 4,513.00 4,395.30 4,695.80 3.9% per annum
FTSE 100 5,572.28 5,897.81 6,749.09 6,566.09 6,242.32 7,142.83 3.61% per annum
DAX PI 5,898.35 7,612.39 9,552.16 9,805.55 10,743.01 11,481.06 9.82% per annum
S&P LPE 78.05 97.08 126.66 119.74 111.28 121.21 4.66% per annum
Steppes* 115.2 144.34 184.64 218.4 271.03 327.67 21.95% per annum
* Prequin analysis of all 2010 vintage private equity funds show a median return of 13.5% with first quartile funds showing an average return of 20%.
**Steppes figure based on one dollar invested as at first closing of initial fund on 6th December 2010 , therefore return for the period ending 31st December 2011
is for 12 months and 25 days whereas other indices are for 12 months to 31st December 2011
26
“Focus on Near Term Returns and
Long Term Growth will Enable
Steppes Partners to Outperform”
6. Summary
2017 www.steppespartners.com 27
2017 www.steppespartners.com 28
Summary
▪ Steppes Partners Limited (Steppes Partners) is an Australian holding company that completed the acquisition of 53.4%
of alternative asset management group, Steppes Alternative Asset Management Limited on December 10th 2015.
▪ Steppes Partners will be listing publicly in the second half of 2017 in order to expand its business. Once the public
listing is completed, the company will look to make accretive acquisitions.
▪ Steppes Partners had a net asset value (NAV) per share of $1.85 as at the 31st December 2016 which is forecast to
grow to $2.34 per share by the 31st December 2017 (before planned accretive acquisitions).
▪ Steppes Partners is focused on growing a diversified financial services group with a specific focus on alternative asset
management, wealth management and corporate advisory.
▪ Changing bank regulations and positive macro economic picture will create multiple opportunities in the financial
services sector.
Exhibit I
Competitive
Landscape
2017 www.steppespartners.com 29
30 x Leading Alternat ive Asset
Management Companies
2017 www.steppespartners.com
Company Name Symbol Exchange Price 52W HIGH/LOW Mkt. Cap. (US$m) PE Net Assets (US$m) M Book FUM (USD m)
Brookfield Asset Management Inc. BAM.A TOR CAD 50.77 53.08/41.39 36,794.29 29.93 26,453 1.39 250,000
Blackstone Group LP BX NYQ USD 29.32 31.69/22.45 35,130.00 14.54 6,461 5.44 368,000
Macquarie Group Limited MQG ASX AUD 87.72 96.37/65.01 22,504.83 13.77 11,590 1.94 357,456
Principal Financial Group Inc. PFG NYQ USD 61.40 65.67/38.04 17,700.00 13.83 10,227 1.73 619,700
KKR & Co. LP KKR NYQ USD 17.93 19.30/11.63 14,620.00 9.94 5,940 2.46 129,600
CBRE Group Inc. CBG NYQ USD 33.42 36.81/24.11 11,290.00 18.30 3,014 3.75 86,500
AMP Limited (AMP Capital) AMP ASX AUD 5.13 5.96/4.39 11,282.21 NS 5,557 2.03 119,400
Lendlease Group LLC ASX AUD 16.47 16.97/11.74 7,178.91 12.98 4,180 1.72 18,394
Oaktree Capital Group LLC OAK NYQ USD 44.90 48.94/36.95 7,000.00 12.74 806 8.68 100,000
GPT Group GPT ASX AUD 5.16 5.72/4.38 6,910.82 8.10 6,168 1.12 14,149
Carlyle Group LP CG NSQ USD 17.45 18.80/14.35 5,720.00 20.03 308 18.57 162,000
Apollo Global Management LLC APO NYQ USD 26.45 27.78/14.25 5,050.00 8.66 835 6.05 197,000
Jones Lang LaSalle Inc. JLL NYQ USD 111.32 126.80/86.62 5,040.00 16.75 2,790 1.81 59,000
Aberdeen Asset Management PLC ADN LSE 286.40p 354.40/212.50 4,992.41 21.83 2,754 1.81 402,900
Ares Management LP ARES NYQ USD 18.02 23.25/12.08 3,840.00 28.17 592 6.49 100,000
Man Group PLC EMG LSE 153.90p 164.10/102.50 3,363.03 NS 1,674 2.01 76,400
Magellan Financial Group Limited MFG ASX AUD 24.82 26.05/19.76 3,254.34 24.81 264 12.31 27,093
Charter Hall Group CHC ASX AUD 5.72 5.98/4.24 1,973.46 9.71 987 2.00 12,660
Platinum Inv. Management Limited PTM ASX AUD 4.37 6.65/4.23 1,921.33 14.62 249 7.70 16,383
Pantheon International PLC PIN LSE 1,795.00p 1,800.0/1,190.0 1,485.99 NS 1,547 0.96 35,000
Harbourvest Global Private Equity Ltd. HVPE LSE 1,296.76p 1,304.0/875.0 1,329.57 NS 1,337 0.99 58,000
Cowen Group Inc. COWN NSQ USD 14.25 16.75/10.92 487.97 NS 773 0.63 10,700
Westwood Holdings Group Inc. WHG NYQ USD 53.50 63.99/49.01 475.54 17.34 146 3.26 21,300
Och-Ziff Capital Management Group LLC OZM NYQ USD 2.33 4.78/2.15 431.35 NS -466 N/A 32,000
Blue Sky Alternative Investments Ltd. BLA ASX AUD 7.79 8.99/6.65 391.04 28.64 97 4.04 2,700
HFA Holdings Limited HFA ASX AUD 2.25 2.73/1.90 282.56 15.81 254 1.11 9,500
Medley Management Inc. MDLY NYQ USD 6.35 10.65/5.45 190.88 70.48 -2 N/A 5,000
CVC Limited CVC ASX AUD 1.92 1.96/1.40 173.64 13.09 150 1.16 85,000
Fifth Street Asset Management Inc. FSAM NSQ USD 3.95 8.45/3.49 61.53 53.56 5 N/A 4,000
K2 Asset Management Holdings Ltd. KAM ASX AUD 0.29 0.47/0.28 51.92 9.60 6 8.26 NS
TOTAL/AVERAGE 210,927.60 20.30 94,697 4.05 3,379,836
Notes: All financial data taken from ft.com as of 18th May 2017. All currency conversions as required taken from currency section of yahoo.com on
the same date.
Trade on an average PE of 20.30 and an average price to book of 4.05
30
30 x Leading Publ ic Private Equity
Companies
2017 www.steppespartners.com
Company Name Symbol Exchange Price 52W HIGH/LOW Mkt. Cap. (US$m) PE Net Assets (US$m) M Book FUM (USD m)
Blackstone Group LP BX NYQ USD 29.32 31.69/22.45 35,130.00 14.54 6,461 5.44 368,000
Partners Group Holding AG PGHN VTX CHF 581.50 625.00/396.25 15,676.75 27.82 1,555 10.08 54,677
KKR & Co. LP KKR NYQ USD 17.93 19.30/11.63 14,620.00 9.94 5,940 2.46 129,600
Fosun International Limited 656 HKG HKD 11.66 12.78/9.50 12,970.95 8.72 13,412 0.97 9,204
3i Group PLC III LSE 832.72p 844.50/468.50p 10,649.60 NS 5,807 1.83 17,597
Leucadia National Corp. LUK NYQ USD 24.44 27.34/15.48 8,790.00 14.54 10,128 0.87 52,556
Onex Corp. ONEX TOR CAD 97.23 102.77/74.33 7,272.35 NS -490 N/A 22,600
Oaktree Capital Group LLC OAK NYQ USD 44.90 48.94/36.95 7,000.00 12.74 806 8.68 100,000
Wendel SE MF PAR EUR 134.65 139.20/86.40 6,957.13 NS 2,439 2.85 10,803
Carlyle Group LP CG NSQ USD 17.45 18.80/14.35 5,720.00 20.03 308 18.57 162,000
Apollo Global Management LLC APO NYQ USD 26.45 27.78/14.25 5,050.00 8.66 835 6.05 197,000
Eurazeo SA RF PAR EUR 59.39 63.10/47.63 4,537.26 8.32 4,847 0.94 6,482
Ares Management LP ARES NYQ USD 18.02 23.25/12.08 3,840.00 28.17 592 6.49 100,000
Gimv NV GIMB BRU EUR 54.44 56.95/45.50 1,523.22 8.97 1,262 1.21 1,945
Pantheon International PLC PIN LSE 1,795.00p 1,800.0/1,190.0 1,485.99 NS 1,547 0.96 36,000
Electra Private Equity PLC ELTA LSE 2,664.70p 5,300.0/1,603.4 1,368.68 NS 2,703 0.51 2,607
Harbourvest Global Private Equity Ltd. HVPE LSE 1,296.76p 1,304.0/875.0 1,329.57 NS 1,337 0.99 58,000
HBM Healthcare Investments AG HBMN SWX CHF 113.30 118.00/91.40 832.16 NS 1,029 0.81 1,043
Princess Private Equity Holding Ltd. PEY LSE EUR 10.57 10.70/6.91 781.27 NS 759 1.03 1,955
NB Private Equity Partners Limited NBPE AEX USD 13.72 13.90/9.85 743.76 6.65 777 0.96 34,000
HgCapital Trust PLC HGT LSE 1,523.02p 1,620.0/1,090.0 739.48 NS 803 0.92 6,648
ICG (ex. Graphite) Enterprise Trust PLC ICGT LSE 756.06p 767.00/523.00 677.95 NS 679 1.00 23,767
Standard Life Private Equity Trust SEP LSE 321.85p 327.00/209.15 645.36 NS 695 0.93 N/A
Altamir SCA LTA PAR EUR 16.30 16.44/9.55 643.34 4.62 853 0.75 702
Deutsche Beteiligungs AG DBAX.N GER EUR 39.74 40.40/25.03 632.94 9.21 400 1.58 1,100
JZ Capital Partners Limited JZCP LSE 564.00 578.00/385.00 627.77 NS 849 0.74 1,107
SVG Capital PLC SVI LSE 720.00p 723.50/475.10 609.78 NS 1,466 0.42 7,821
Oakley Capital Investments Limited OCL LSE 170.00p 172.00/120.00 449.84 NS 571 0.79 1,620
F&C Private Equity Trust FPEO LSE 360.00p 362.00/230.88 346.99 NS 254 1.37 331
J.P. Morgan Private Equity Limited JPEL LSE USD 1.25 1.60/1.19 329.50 NS 479 0.69 24,000
TOTAL/AVERAGE 151,981.63 13.07 69,104 2.79 1,433,165
Notes: All financial data taken from ft.com as of 18th May 2017. All currency conversions as required taken from currency section of yahoo.com
on the same date.
Trade on an average PE of 13.07 and an average price to book of 2.79
31
32
Steppes Partners Limited
Level 20, Tower 2, Darling Park, 201 Sussex Street
Sydney, NSW 2000
Australia
steppespartners.com
Thankyou
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